As we approach the end of the year, the push is on to get IPOs through the door. The problem: market conditions are not cooperating.
Overnight, Polar Star Realty, a REIT that manages office and industrial properties in Scandinavia, got postponed due to "market conditions."
The Renaissance Capital ETF, a basket of roughly 60 recent IPOs, is down more than 4 percent this month.
It's going to be a big night for IPOs. Seven deals are trying to price tonight, including four software companies.
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The most interesting one is software analytics company New Relic, which helps companies improve website experiences. The government hired New Relic to fix problems consumers were having on healthcare.gov .
The company is trying to sell 5 million shares, but the terms were increased from $18 to $20 to $20 to $22. That's a good sign.
Workiva is a cloud platform to help companies with their SEC filings. It sounds pretty specialized, but the company has $100 million in revenue. Workiva is seeking to raise 7.2 million shares at $13 to $15.
On the Nasdaq, Connecture manages medicare.gov and many of the top health plans. It aims to raise 5.8 million shares at $12 to $14.
Database software firm HortonWorks, which runs the Hadoop system, is seeking to raise 6 million shares at $12 to $14. Though well known in the enterprise data space, its has never made money.
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Separately, aircraft leasing company Avolon Holdings, reinsurer James River Group, and powertrain component manufacturer Metaldyne Performance Group are also seeking to price tonight.
There is a little bit of relief because two big names did price overnight. LendingClub, the largest peer-to-peer lending service, priced 58 million shares at $15, above the price talk of $12 to $14.
Chinese mobile-based social networking platform Momo priced 16 million shares at $13.50, the midpoint of the price talk of $12.50 to $14.50. Alibaba owns a 20-percent stake.